Babylon v0.7.1 Launches With Smart Contract Capabilities and Bitcoin Security for dApps

Bitcoin security sharing protocol Babylon, announced on Monday, June 19th, that it has successfully deployed a major upgrade to its testnet. V0.7.1.

In a press release shared with Cryptowisser, Babylon said the upgrade introduces comprehensive smart contract capabilities built using the popular CosmoWasm and Wasmd framework. It also makes it possible for developers to extract security from Bitcoin to secure their applications and blockchains by deploying Babylon smart contracts.

So far, the Babylon testnet has garnered interest and integrated with 28 of the top Cosmos SDK chains, including Osmosis, Akash, Sei Network, Injective, Evmos, and Stride. 

According to the development tea, the integration makes the integrated Cosmos chains the most secure PoS chains in the world, as the solution combines the best of both worlds, Proof of Stake (PoS) & Proof of Work (PoW) security mechanisms. This also channels the value of PoS ecosystems into the Bitcoin network.

The testnet upgrade goes beyond Babylon's capabilities within the Cosmos ecosystem, allowing it to cater to a broader range of applications. It also ensures that Babylon becomes a robust platform for developing decentralized applications for all verticals, especially DeFi, NFTs, and GameFi, where security is a top priority.

While commenting on this latest development, David Tse, Co-Founder of Babylon, said: 

“We are thrilled to announce the launch of Babylon v0.7.1, introducing the integration of smart contracts. This marks a crucial milestone for Babylon, turning it into a powerful platform for deploying a wide range of protocols, thereby facilitating the development of decentralized applications secured by the strength of the  Bitcoin network.”

Babylon is currently leading the R&D of advanced scaling and security sharing protocols to fully unleash the potential of Bitcoin. The team believes that by leveraging Bitcoin smart contracts, the mighty power of Bitcoin will be available at the disposal of the applications built on Babylon.

The testnet upgrade comes not long after Babylon announced the pioneering Bitcoin Staking Protocol, which enables Bitcoin, the asset, to be staked and used to secure Proof-of-Stake (PoS) chains. 

Babylon is a project that designs security protocols for the decentralized world. Babylon's mission is to scale Bitcoin to secure the decentralized world.